1.1.3 CEO★

V1 【by: sky7115】

第一篇想起来了，是说公司board对于CEO的态度，说政府的方法premature（不认识，就知道mature）（有考点），board要自己做好（有考点）。然后分析了一下为啥board在这事儿上不行，因为他们content CEO工资和同类公司的比较。最后提了一个解决方案，说注重long-term和short-term的啥啥（好像是stock）（当时我还联想了产业组织理论中所有权和经营权分离的激励措施，原谅我做题爱走神）。

V2 【by: leaderkun】

GWD的原题 但是今天考试时印象中好像将顺序变了 但是答案内容没有变

原文搜索：chinamerica,(已确认)

GWD 26-Q14 to Q16

Although recent censure of corporate boards of directors as “passive” and “supine” may be excessive, those who criticize board performance have plenty of substantive ammunition. Too many corporate boards fail in their two crucial responsibilities of overseeing long-term company strategy and of selecting, evaluating, and determining appropriate compensation of top management. At times, despite disappointing corporate performance, compensation of chi executive officers reaches indensibly high levels, nevertheless, suggestions that the government should legislate board rorm are premature. There are ample opportunities for boards themselves to improve corporate performance.

Most corporate boards’ compensation committees focus primarily on peer-group comparisons. They are content if the pay of top executives approximates that of the executives of competing firms with comparable short-term earnings or even that of executives of competing firms of comparable size. However, mimicking the compensation policy of competitors for the sake of parity means neglecting the value of compensation as a means of stressing long-term performance. By tacitly detaching executive compensation policy from long-term performance, committees harm their companies and the economy as a whole. The committees must develop incentive compensation policies to emphasize long-term performance. For example a board’s compensation committee can, by carully proportioning straight salary and such short-term and long-term incentives as stock options, encourage top management to pursue a responsible strategy.

------------------------------------------------------------------

Q14

According to the passage, the majority of compensation committees put the greatest emphasis on which of the following when determining compensation for their executives?

A. Long-term corporate performance

B. The threat of government regulation

C. Salaries paid to executives of comparable corporations

D. The probable fect the determination will have on competitors

E. The probable fect the economic climate will have on the company

--------------------------------------------------------------------

Q15

The passage suggests which of the following about government legislation requiring that corporate boards undergo rorm?

A. Such legislation is likely to discourage candidates from joining corporate boards.

B. Such legislation is likely to lead to reduced competition among companies.

C. The performance of individual companies would be affected by such legislation to a greater extent than would the economy as a whole.

D. Such legislation would duplicate initiatives already being made by corporate boards to improve their own performance.

E. Corporate boards themselves could act to make such legislation unnecessary.

--------------------------------------------------------------------

Q16

Which of the following best describes the organization of the passage?

A. A problem is acknowledged, the causes are explored, and a solution is offered.

B. A question is raised, opposing points of view are evaluated, and several alternative answers are discussed.

C. A means of dealing with a problem is proposed, and the manner in which a solution was reached is explained.

D. A plan of action is advanced, and the probable outcomes of that plan are discussed.

E. Two competing theories are described and then reconciled.

1.1.4 check支付方式★△

V1 【by: tracytx121】

还有一个貌似也是现象解释 一屏半好像 就是说check的使用率很高，虽然它的什么social cost大, 在其他的什么支付方式都被更普遍使用的时候，check的使用率还是居高不下。后面就是解释..有一个什么conventional explanation说balabalabala..另一段好像是另外一个解释.

V2 【by: 伍月 690】

第三篇是说check为什么还是那么popular的，提到了一个关于float的东西。

V3 【by: tent1985】

第一段是说，现在电子化的支付方式很多，但是paper check 还是很受欢迎，占80%什么的

第二段，讲paper check多说明市场不健康，似乎稍微讲了点原因

第三段，重点说这个paper check的弊端吧，writer怎么样怎么样，可是拿利息，不用承担什么什么风险

第四点，驳斥了上面的理论，说现在对一些大的check，第三段里讲的吃亏的那一方也是rational的，会争取利益

V4 【by: gillian0404 670】

阅读：阅读第一篇我是讲pay check的。。JJ里面内容比较全。大家原谅我的记忆力把@~>< 第一段是给出一个现象说现在许多人都用电子的card之类的神马东西结账，但是check还是很有市场。

第二段ms是说，pay check。。。。。的writer 好像可以take advantage of 神马东东，但是check receiver跟他不同，，，呃。。具体啥不同。

V5 【by: julycloud 760】

第三篇也是狗狗，就是check 那篇，狗狗也很详细，不想说了，我觉得虽然三段都在说check 使用普遍（the failure )的原因，但重点应该是最后一段作者对这种传统的认为float可以带来 利润的批判。它给出了原因，1因为技术提高（高亮，有题--作用是减少从写到收的时间，确定是这个呵呵） 2 当量较大时，receiver可以采取行动以减少float产生的损失--和writter商量（有题） 所以大家要多注意下最后一段呵呵

原文搜索： chinamerica

狗主人：（kking v37）是这个原文没错,前三段一样,如果我没记错的话,后面还有,应该是讲质疑第三段传统观点的.

Despite the growing availability and acceptance of electronic payment instruments—such as credit cards, debit cards, and automated clearinghouse (ACH) payments—by far the most popular noncash payment instrument used in the United States is the paper check. In 1995, approximately 80 percent of all noncash transactions were made by check (Bank for International Settlements, forthcoming). Furthermore, although use of electronic instruments has grown in the past several years, check use has grown as well: between 1987 and 1993, the average annual number of payments per capita increased by 26 payments for electronic instruments, but by 31 payments for checks (Humphrey, Pulley, and Vesala, forthcoming). Clearly, individuals and businesses are not rapidly shifting away from checks to electronic instruments.

The popularity of checks persists even though checks cost society more to produce and process than do electronic instruments. According to standard economic theory, that may be a sign that the market for payment instruments is not working properly. In general, in an ficient market, when competing goods are available and one costs societymore, the prices of the goods will reflect the relative costs of the resources used to produce them, and the cheaper good will be substituted for the more expensive. In this way, society uses its resources to produce only the particular goods it wants in the particular amounts it wants. In other words, resources are used ficiently. When use does not shift to the cheaper good, either the goods are not close substitutes or the market has failed, and there is a potential role for a public authority to attempt to correct the failure.

Market failure is a commonly accepted view of what’s happened in the market for payment instruments. According to this view, the users of checks are the check writers. And for those individuals and businesses, the private cost, or price, of using checks has been distorted by the value of check float, or the time between the writing and clearing of a check. During that time, of course, the funds can earn interest for the check writer rather than for the check receiver. The size of this benefit is thought to have reduced the price of check use below the cost to society of producing and processing checks. Since individuals and businesses

don’t face that higher social cost, they continue to use checks despite the existence of other means of payment that are less costly to society. In short, checks are overused.

第四段文字：by: yali9777 可供参考，待确认！

That view is suspect even if the data still supported it,

though. The view seems to assume that only the agent on

one side of a transaction—the check writer—recognizes

and takes advantage of the value of float. That assumption

doesn’t correspond with expected rational behavior. Since

float is a transfer payment from the check receiver to the

check writer, with no allocative fects overall, rational

agents are likely to negotiate a mutually benicial distribution

of any significant value of float.7 And, in fact, this

type of negotiation is common for large payments between

businesses, for which the value of float is potentially large.

In practice, many business-to-business payments contractually

stipulate payment transaction terms that internalize the

fects of float.

考古 beatG 待确认

V1

四大段。我感觉有两屏。是说check的事情。虽然现在技术发达啊什么的，但是paper check还是主要被美国人应用。后面见了新老观点对比。有道主旨题。看见之后我异常的冷静，因为当时已然还剩20分钟了，急也没用么，我只读了第一段和每段的首句，还是读懂了大概，然后看题带进去找了细节，3道细节题，其中很多无关选项的，稳住了，相信自己的能力。

V2

还有个支票的使用，说都有信用卡了，很多人还是喜欢用支票，有人认为支票造成market failure 。 提到了一个概念： check float 意思是写支票和兑换的时间差， 写支票的人靠这个时间差获得利益，收支票的现在也明白了这个利益，所以会在谈生意时和对反谈这个问题 (我写的这些都是有题的！）

V3

主题：支票 最长的一篇，四段。

第一段：虽然其他流通方式越来越多，支票仍然占据主要地位。

第二段：其实这种现象是不正常的。因为支票的社会成本（生产成本，流通成本）比其他方式高。根据一种理论，有竞争的产品，如果其成本很高，会被其他成本低的产品取代。但支票却不是这样。

第三段：解释：古老理论认为是市场失败。由于开支票的人能够从支票的流通中获利（从支票开出到兑现的时间差可以产生利息）使得他们支付的成本被降低。另外，开支票者不需要直接支付社会成本（有题），所以仍然使用支票。

第四段：反对上述理论。认为这种利息很小，可以忽略。另外，上述理论家假设只有开支票方知道利用这种利息，而实际上，如果这种收益足够大的话，接受支票的一方也会通过谈判要求共盈（有题）。

V4

私人支票(personal cheque)的。

第一段说，信用卡电子卡什么的很方便，不用刷卡的人花钱买，社会生产花费(social production cost)低。私人支票要印，这样社会生产花费(social production cost高，又要开支票的人花钱买，为什么私人支票还是那么流行呢？

第二段介绍说经济学中有个理论就是，在正常的市场下，如果一个东西比另一个东西便宜，便宜的那个会取代贵的那个。如果取代这件事情没发生，那么就是market failure。个人支票没被电子卡取缔就是个market failure。

第三段说旧的理论观点认为，大家认为个人支票还流行的原因就是因为买支票的时间比用完一本支票的时间短(买就一瞬间的事情，用完一本支票要好久)。还说了一个inflator还是inflation的东西，忘了。虽然私人支票的社会生产花费高，但是个人使用私人支票的花费因为那个inflation/inflator会降低。这样个人使用私人支票的花费小于社会生产花费，所以大家还在继续用私人支票。

第四段说有一种新观点要反驳旧观点，因为实际上那个inflator/inflation现在已经没有那么大的影响力了。而且私人支票的benit只有写支票的(cheque writer)能得到。所以在很多商业往来中，如果inflator/inflation高，收支票的(cheque receiver)会和写支票的讨价还价，希望也能享受到私人支票的benit。

V5

3. 讲美国支票的问题，寂静里面已经很清楚了，这里补充一些。

第一段大概就是讲米国支票用得很普遍，大概占了大家80％用来付帐得业务量，虽然其他的业务，比如电子帐务等在增长，支票还是占很重要作用。

第二段讲了一些关于经济学上的东东，说支票这个东西还要耗费一些社会成本。而经济学规律上来说，一些便宜的东东会取代那些有成本的，如果没有，比如支票这个事情，它没有被没有成本的电子帐务和信用卡等东西取代，那就说明这是一个Market failure.

第三段讲了一个老观点，就是说支票为什么没被取代，是因为支票签发到兑现会产生一个check float，能给使用支票的人带来好处。而且好像因为某种原因（记不清楚了）支票的使用只带来社会成本，而不会给支票使用者带来成本，所以他们一直用，尽管这违背市场规律。(此处有题目)

然后作者对这种这种观点提出了质疑，说因为科技进步还是啥子的，支票现在从签发到兑现的时间已经很快了，产生的这种check float利益很小。而且就算这个利益很大的时候(比如大笔钱的支票)，支票接受方也会考虑这个利益，通过谈判来分享这个利益。（此处有题目）

这里补充几个题目

1) 作者提到了现在因为科技的进步，支票的签发与兑现很快了，是为什么

有两个纠结一点的选项,我选了B

A. 是为了说明支票从签发到兑现的时间缩短了

B. 是为了说明支票从开出到兑现产生的float的经济效益没用这么大了

2) 对那些支持第三段中老观点的人来说，以下哪个选项是正确的

我选了这个:

因为某种原因（记不清楚了）支票的使用只带来社会成本，而不会给支票使用者带来成本，所以他们一直用

3) 从这个文章可以infer出支票接受者对支票产生的check float的态度?

我选了这个:

支票接受者会通过谈判来保护自身的利益（也就是要求分享check float）

4) 这篇文章的主旨是什么

我选了这个：

解释了为什么支票一直还在使用的几个原因

回忆起最后篇文章，添加于此，

2010年10-11月GMAT阅读机经（至11.7）（三）2010年10-11月GMAT阅读机经（至11.7）（三）2010年10-11月GMAT阅读机经（至11.7）（三）

1.1.3 CEO★

V1 【by: sky7115】

第一篇想起来了，是说公司board对于CEO的态度，说政府的方法premature（不认识，就知道mature）（有考点），board要自己做好（有考点）。然后分析了一下为啥board在这事儿上不行，因为他们content CEO工资和同类公司的比较。最后提了一个解决方案，说注重long-term和short-term的啥啥（好像是stock）（当时我还联想了产业组织理论中所有权和经营权分离的激励措施，原谅我做题爱走神）。

V2 【by: leaderkun】

GWD的原题 但是今天考试时印象中好像将顺序变了 但是答案内容没有变

原文搜索：chinamerica,(已确认)

GWD 26-Q14 to Q16

Although recent censure of corporate boards of directors as “passive” and “supine” may be excessive, those who criticize board performance have plenty of substantive ammunition. Too many corporate boards fail in their two crucial responsibilities of overseeing long-term company strategy and of selecting, evaluating, and determining appropriate compensation of top management. At times, despite disappointing corporate performance, compensation of chi executive officers reaches indensibly high levels, nevertheless, suggestions that the government should legislate board rorm are premature. There are ample opportunities for boards themselves to improve corporate performance.

Most corporate boards’ compensation committees focus primarily on peer-group comparisons. They are content if the pay of top executives approximates that of the executives of competing firms with comparable short-term earnings or even that of executives of competing firms of comparable size. However, mimicking the compensation policy of competitors for the sake of parity means neglecting the value of compensation as a means of stressing long-term performance. By tacitly detaching executive compensation policy from long-term performance, committees harm their companies and the economy as a whole. The committees must develop incentive compensation policies to emphasize long-term performance. For example a board’s compensation committee can, by carully proportioning straight salary and such short-term and long-term incentives as stock options, encourage top management to pursue a responsible strategy.

------------------------------------------------------------------

Q14

According to the passage, the majority of compensation committees put the greatest emphasis on which of the following when determining compensation for their executives?

A. Long-term corporate performance

B. The threat of government regulation

C. Salaries paid to executives of comparable corporations

D. The probable fect the determination will have on competitors

E. The probable fect the economic climate will have on the company

--------------------------------------------------------------------

Q15

The passage suggests which of the following about government legislation requiring that corporate boards undergo rorm?

A. Such legislation is likely to discourage candidates from joining corporate boards.

B. Such legislation is likely to lead to reduced competition among companies.

C. The performance of individual companies would be affected by such legislation to a greater extent than would the economy as a whole.

D. Such legislation would duplicate initiatives already being made by corporate boards to improve their own performance.

E. Corporate boards themselves could act to make such legislation unnecessary.

--------------------------------------------------------------------

Q16

Which of the following best describes the organization of the passage?

A. A problem is acknowledged, the causes are explored, and a solution is offered.

B. A question is raised, opposing points of view are evaluated, and several alternative answers are discussed.

C. A means of dealing with a problem is proposed, and the manner in which a solution was reached is explained.

D. A plan of action is advanced, and the probable outcomes of that plan are discussed.

E. Two competing theories are described and then reconciled.

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